FOR IMMEDIATE RELEASE
December 11, 2002
HARBOR GROUP INTERNATIONAL SELLS
PROPERTIES IN IOWA AND MINNESOTA
Harbor Group International (HGI) of Norfolk,
Virginia has sold its 60,000 square foot retail property
occupied by Rainbow Foods in Rochester, Minnesota , and
its 86,752 square foot retail property occupied by Sears
in Fort Dodge, Iowa in back-to-back separate transactions.
The Rochester property was sold to a private investor for $4,200,000,
and the Fort Dodge property was sold to Blessing Enterprises for $1,250,000.
The properties were purchased in 1998 by HGI as part of a portfolio of
retail properties from Woodmen of the World Insurance Company.
Harbor Group International has sold ten properties for a total of $60
million thus far in 2002.
“
Both properties are solid performers,” said
Jordan E. Slone, Harbor Group International Chairman
and CEO. “However, we continue to reduce
the amount of retail property in our portfolio
as we place more emphasis on Central Business District
office property and multifamily apartment communities.”
The Rochester property, located at the corner of 12 th Street and Broadway,
is situated on 6.41+/- acres and was redeveloped in 1995. It contains
431 parking spaces and is 100% occupied by Rainbow Foods. Rainbow
Foods is a subsidiary of Fleming Foods, a publicly traded company that
had sales of $15.6 billion in 2001.
The Fort Dodge property, located within the Crossroads
Shopping Center on 5 th Avenue and 25 th Street,
is situated on 7.47+/- acres and was built in 1964. It
contains 425 parking spaces and is fully occupied
by Sears. Sears, Roebuck and Co. is a leading
retailer of apparel, home and automotive products
and services, with annual revenue of more than
$40 billion.
Harbor Group International currently owns nearly of $800 million worth
of properties in 15 states in the United States as well as three different
countries. For more information, visit Harbor Group International’s
website at www.harborgroupint.com
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